Nordstrom Bank Wants to Freeze Part Of Your Account And Use Your Money Interest Free
Nov. 12, 2008
A particular little notice looks like it really caught the eye of myself and the brain behind CreditMattersBlog.com. He’s got an article titled “Nordstrom Bank May Not Give You Full Access To Your Available Credit For Up To 21 Days After A Payment Is Credited To Your Account” that is worth a look.
Apparently Nordstrom’s is now saying that if you make a payment that it can take up to 21 days to release that part of your credit limit that the payment repaid. Essentially what Nordstrom’s gets to do here is limit your access to your credit that you repaid and use your money for free for three weeks to their benefit.
It smacks a bit like an old trick my World Financial Network National Bank who would freeze your account if you paid it off in full since they felt that it may be fraudulent activity. Seriously.
In essence, what Nordstrom is saying is that if you make a payment of $5,000, and your limit is $10,000, you may only have access to $5,000 of your limit — even if the payment has been credited to your account and the payment has cleared your bank. “After a payment is credited to my Nordstrom Visa Signature, Nordstrom Platinum and Classic Visa, or Nordstrom retail account, it may take up to 21 days before my total available credit is restored in an amount equivalent to the payment amount,” according to the new Nordstrom agreement. As an example, Nordstrom says that even “if I pay my balance in full, it may take up to 21 days after my payment is made before that payment is considered in determining the amount I can borrow on my account.”
Read the rest of the article at Nordstrom Bank May Not Give You Full Access To Your Available Credit For Up To 21 Days After A Payment Is Credited To Your Account
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Tags: classic visa, credit card terms, financial benefit, fraudulent activity, national bank, nordstrom, nordstrom-bank, visa signature, wfnnb
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